Goldman Sachs Analysts Fired For Cheating On Tests

Goldman Sachs

Goldman Sachs has fired 20 junior analysts who were caught cheating on the company’s internal tests.

The analysts were part of Goldman’s securities business and were located in offices throughout New York and London.

“This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm,” Goldman spokesman Sebastian Howell told CNNMoney.

The cheating took place on internal tests, not regulatory exams.

The company did not reveal how it discovered that the employees were cheating.

It hasn’t been a great week for Goldman Sachs. The company announced a 16% decline in third-quarter compensation expenses. The company has slashed pay while increasing headcount by 10%.

The company has also witnessed decreased trading revenue of 33% in the last quarter as financial markets around the world continue to take hits.

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Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.